Amidst yesterday’s market-wide sell-off, SAPNRG emerged as the most heavily traded stock with 108.7m shares exchanging hands. The share closed 3.5 sen (6.4%) lower at RM0.51.
The share appears to be in consolidation ever since bottoming-out mid-last month. And while its underlying trend still remains negative, indicators have started to show signs of improvement with the MACD currently in a mild uptrend.
Keen investors may look forward to collect near strong support of RM0.395 (S1). That said, a decisive break below it, although unlikely, would be highly negative.
Should the current rebound play materialise, expect lucrative gains with resistance identified high up at RM0.68 (R1) and RM0.86 (R2).
UMWOG (Not Rated)
UMWOG, another oil and gas counter, was the fourth most traded stock yesterday with 58.8m shares exchanging hands. It closed 2.5 sen (-8.1%) down at RM0.285.
While the stock currently appears to be in a sideways trend, yesterday’s move has brought it closer towards its low of RM0.270, where it had proven to be a resilient support from previous encounters.
That said, however, technical indicators are still fairly mixed at this juncture.
From here, keen investors could start nibbling given the strong support at RM0.270 (S1).
Should a rebound materialise, resistances can be identified at RM0.365 (R1) and RM0.425 (R2).
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MQ Trader 7316 views | 6 d ago
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....